S&P affirms Con-way

Standard & Poor's said it affirmed its BBB corporate credit and senior unsecured debt ratings on Con-way Inc. and removed them from CreditWatch, where they were placed with negative implications on July 16.

The agency said that the CreditWatch placement followed Con-way's announcement of its intention to acquire Contract Freighters Inc. for $750 million.

The outlook is stable.

S&P noted that the ratings reflect Con-way's strong market positions in its regional LTL and logistics business segments, its improving operating performance and a solid financial profile while these positive credit characteristics are offset by the capital-intensive, cyclical and competitive nature of the freight transportation industry.

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